| Message |
Author |
 Posted: Fri Mar 24, 2006 4:29 am Subject: How much money would debt consolidation save me? |
|
|
I've seen that a few companies consolidate payday loans. I got a question for y'all: I owe about 4K to about 10 different payday loan companies and I'm currently paying each about $50 per month, $25 per pay day just to appease 'em. But, after looking over everything, I find that I'm streching myself close to the max. I can handle it, but do I really have to strain myself just pay them back so fast?. $50 doesn't sound like much, but that is $500 per month. I was thinking about cutting nine of 'em down to $25, and making headway by paying the 10th $150. This way I'd have an extra $125 to live on and still be able to pay these things off. I'd do this because I've paid these loans off in interest alone for the most part and I really don't want them to continue having this stranglehold over me. Question: If I went through a company like T&C, could they make better payment arrangements? Is it best to pay the creditor myself and leave the middle man out? Based on what I owe, could some of you who've actually used debt consol let me know how much I'd be looking at if I did go that route? Thanks.
|
|
notell39
Joined: 06 Jan 2006
Posts: 25
Debtcc Points: 1048
|
|
|
| Posted: Fri Mar 24, 2006 10:38 am Subject: |
|
|
notell,
Personally I never dealt with payday loan industry. But the idea I have got from being in this forum is that consolidation can terminate the never ending cycle. Can you see the end point at your present situation? Can you calculate by when all of the loans will be paid in full? How far will you continue to pay $500 per month?
If you consolidate the loans, you will get answers to the above questions. And monthly installments will be reduced also.
However, if you are still current with your payday loans, I will suggest you to talk to your lender first. If they offer you a payment arrangement, it's well and good. But if they are rigid, then go for consolidation. Hope other members who have practical experience with payday loans will offer you more details. Keep watching.
_________________
Read my thoughts about Debt and Credit.
|
|
stanley
Moderator
Joined: 30 Sep 2005
Posts: 1714
Debtcc Points: 253
|
|
|
|
|
|
All times are GMT - 7 Hours
|
| Page 1 of 1 |
|
